Impact of COVID-19 on businesses majority-owned by various sub-population groups and visible minorities, third quarter of 2021
September 19, 2021
By Stats Canada |
The COVID-19 pandemic continues to impact Canadians in different communities in numerous ways. Real gross domestic product (GDP) expanded 0.7% in June, following two consecutive monthly declines, placing total economic activity 1.5% below February 2020’s pre-pandemic level. Growth in retail trade and accommodation and food services were influenced by the easing of public health measures in many provinces in June.
While all businesses in Canada have been impacted by the COVID-19 pandemic, different types of businesses have been impacted in different ways. This is also true for different communities that operate businesses in Canada.
Over a full year has passed since Canada felt the impact of the COVID-19 pandemic and as the recovery unfolds, Statistics Canada continues to report on its impacts on specific populations within Canada. From the beginning of July to early August, Statistics Canada conducted the Canadian Survey on Business Conditions to better understand the ongoing effects of the pandemic on businesses and business expectations moving forward. This article provides insights on those expectations.
This article explores results from the Canadian Survey on Business Conditions by looking at the businesses majority-owned by women, First Nations, Métis or Inuit persons, immigrants to Canada and visible minorities. In the third quarter 2021, differences were noted in various areas, such as long term optimism, in addition to obstacles such as rising input costs, increasing selling prices of goods and services, recruiting and retaining skilled employees and shortage of labour. Results for businesses majority-owned by First Nations, Métis or Inuit persons as well as businesses majority-owned by women reported a similar proportion of positive optimism over the upcoming year to all private sector businesses. Businesses majority-owned by immigrants and visible minorities were less likely to be optimistic than all private sector businesses.